Slide 1: Intimation of Analyst/Institutional Investor Call cover letter
6th August 2026 To: National Stock Exchange of India BSE Limited (Scrip Code: Limited (Scrip Code: FSL) 532809) Exchange Plaza, Phiroze Jeejeebhoy Towers, Plot no. C/1, G Block, Dalal Street, Bandra-Kurla Complex Mumbai - 400 001 Bandra (East), Mumbai - 400 051 Dear Madam/ Sir, Sub: Intimation of An
Slide 2: Firstsource Solutions Investor Presentation August 2026
Firstsource Solutions Investor Presentation AUGUST 2026
Slide 3: Disclaimer
Disclaimer Certain statements in this presentation concerning our future growth prospects are forward-looking statements, which involve a number of risks and uncertainties that could cause actual results to differ materially from those in such forward-looking statements. The risks and uncertainties
Slide 4: We are a part of RP-Sanjiv Goenka Group
We are a part of RP-Sanjiv Goenka Group Too Yumm, a flavorful & better-for-you snacking India’s first fully integrated utility company, Group turnover of serving 4.7 Mn consumers across 7 locations Innovating in the personal care category through ~US$5 Bn* new-age brands Naturali and Within Beauty M
Slide 5: Our Impact
DP firstsource’ Our Impact a SR
Slide 6: Our impact: strengthened client relationships and large deals
Our impact We have strengthened our client relationships We are adding new logos at a healthy pace… 17 145 45 13 13 12 9 11 3 10 5 9 3 7 4 6 2 5 US$1m+ clients (nos.) US$5m+ clients (nos.) Strategic logos 150 105 142 141 107 116 141 26 28 30 38 39 42 41 Q2FY25 Q3FY25 Q4FY25 Q1FY26 Q2FY26 Q3FY26 Q4FY
Slide 7: Our impact: accelerated growth and expanded margins
Our impact We accelerated growth and expanded margins, even while investing in the business Revenue (in US$mn) EBIT Margin Key investments areas 11th straight quarter 7th straight quarter of QoQ revenue growth of margin expansion Expanded sales team 288 12.4% 283 12.2% Senior leadership 274 11.9% 26
Slide 8: Shareholder Returns
Shareholder Returns Stock performance: Last 3 years^ Total Shareholder Return^ NSE: FSL | BSE: 532809 | Reuters: FISO.BO| Bloomberg: FSOL:IN Share price return Market Capitalisation: US$2.4bn 3 Year return 128% 9% Dividend yield Average daily trading volume (TTM): US$8mn 5 Year return 72% 10% FSL 12
Slide 9: Our Core Strengths
DP firstsource’ Our Core Strengths
Slide 10: Our deep domain expertise is a key differentiator
Our core strengths Our deep domain expertise is a key differentiator BANKING & COMMUNICATION, DIVERSIFIED HEALTHCARE FINANCIAL SERVICES MEDIA & TECHNOLOGY INDUSTRIES US$363m* 33% US$370m* 33% US$232m* 21% US$149m* 13% 1 of Top 2 14 of Top 20 Media companies in the UK 10 of Top 15 Health plans in the
Slide 11: Our services are AI-enabled
Our core strengths Our services are AI-enabled CUSTOMER DOMAIN-LED COLLECTIONS EXPERIENCE PLATFORMS & SOLUTIONS Domain led solutions tailored for industry- E2E collection capabilities, covering first- AI embedded into existing platforms for specific pain points party, third-party and legal collectio
Slide 12: Our Employee Value Proposition
Our core strengths Our Employee Value Proposition Brilliant People At Firstsource, we build bold technology with brilliant people who turn Brilliant People. ideas into impact. Curiosity fuels us, failure teaches us, and growth comes from pushing what’s possible. Bold Tech. Bold Tech Uncommon Careers
Slide 13: Rooted in shared values
Our core strengths Rooted in shared values RISK TAKING Courage | Innovation | Entrepreneurial Mindset EXECUTION EXCELLENCE Achievement, not activity | Clarity | Getting Things Done! AGILITY Growth Mindset | Progress over perfection | Learnability CUSTOMER FIRST Simplicity | Curiosity | Authenticity
Slide 14: Focused on driving sustainable impact
Our core strengths Focused on driving sustainable impact Firstsource Tops Professional Services Sector in S&P Global Sustainable1 FY25 ESG and CSA score of 87 Supplier Engagement Assessment 2025 Bronze RATING Firstsource was awarded ‘A’ RATING with Golden Peacock Award Overall score of 70/100 & rank
Slide 15: Recognized strength in our key capabilities
Our core strengths Recognized strength in our key capabilities Major Contender Leader Leader Leader Revenue Cycle Management Healthcare Payer Intelligent GenAI and Process Automation CX Services Transformation Leader Operations Healthcare Payer Agility & Peak Matrix Assessment in Banking NelsonHall
Slide 16: Experienced leadership team
Our core strengths Experienced leadership team Ritesh Idnani Dinesh Jain Sohit Brahmawar Shamita Mukherjee Aniket Maindarkar Hasit Trivedi Kumaran Shanmuhan Chief Financial Officer Chief Operating Officer Chief Human Resources Chief Marketing Officer Chief Digital & AI Officer Chief Strategy Officer
Slide 17: Our Strategy in Action: From UnBPO to Intelligence That Operates
Our Strategy in Action From UnBPO to Intelligence That Operates
Slide 18: A ~7x larger addressable market — services-as-software
Our strategy in action A ~7x larger addressable market — services-as-software Nativ dors eS en aa V S are Enterprise Pla Softw Software & Tech Spend yers Services mark nd et a Global bal Software Services-as-Software Market Opportunity US$1.5tn* o oviders Gl IT Service Enterprise s Pr Services Spend
Slide 19: Enterprises are Challenged with Capturing the Value of AI
Our strategy in action Enterprises are Challenged with Capturing the Value of AI AI CAPABILITY vs COMPREHENSION AI capability scales exponentially. Human ↑ CAPABILITY AI Capability comprehension follows a far slower, linear curve. Strategy work doesn't close that gap. Demos don't close that gap. Onl
Slide 20: The Problem with Most AI Partners
Our strategy in action The Problem with Most AI Partners Closing the gap takes a partner who can do all three. Most can't. 01 02 03 Some offer strategy. Some implement. Some run operations. They produce decks, frameworks, and They build the systems, integrate the They keep the lights on, hit SLAs, r
Slide 21: The Full-Stack Intelligence Operator
How our Clients See Us Today: The Full-Stack Intelligence Operator. Born from UnBPOTM. Built for the Intelligence Era. Not a strategist. Not an integrator. Not an outsourcer. A new kind of partner — one that does all three, as one continuous motion. DEFINITION TRANSFORM Discover · Envision · Design
Slide 22: Kairos — the operating system for AI-native operations
Kairos — the operating system for AI-native operations The operating system that helps our advisors and AI agents take the right action during moments that matter Engagement Model καιρός 01 Transform · Implement · Operate — a structured path from ambition to agentic operations at scale. kai·ros · An
Slide 23: Kairos Deep-Domain Tech Platforms
Kairos Deep-Domain Tech Platforms The Evidence Healthcare | Digital Intake AI Healthcare Provider | RCM AI Healthcare Provider | Medical Coding AI Banking | Loan Evaluation AI Banking | Mortgage Post Closing AI Debt Collections AI Crowdsourcing Platform Agentic AI Studio Kairos AI Ecosystem — Govern
Slide 24: In summary…
In summary… We see potential to grow at an accelerated pace over the medium term… Discontinuities caused by macro and technology shifts are creating market opportunities We are disrupting the traditional business model with the Intelligence That Operates playbook Our ‘right’ scale gives us an advant
Slide 25: Our FY27 guidance
Our FY27 guidance 10-13% Constant currency revenue growth 12.25-12.75% EBIT margin Copyright © 2026 Firstsource. All rights reserved. 24
Slide 26: Our medium-term aspirations
Our medium-term aspirations Services Expansion Cross-sell/upsell Optimise Execution Rightshore Delivery (for existing verticals) (in existing clients) (Delayer/internal seeding) Vertical Expansion Automation/AI tools (Retail/Utilities (in output/outcome in the US) Double–digit 50-75bps expansion com
Slide 27: Factsheet
DP firstsource’ — Factsheet © |
Slide 28: Financial performance snapshot | Q1FY27
Financial performance snapshot | Q1FY27 Revenue (in $ million) Revenue (in ₹ million) 16.0% -5.7% 2.0% 23.3% 14.6% 11.2% 16.6% 1.7% 5.2% 25.9% 19.7% 22.9% 14.6% -1.1% 1.1% 22.6% 13.6% 12.3% 95,564 27,249 1,082 79,803 944 63,362 288 60,223 59,212 795 765 750 50,780 685 FY21 FY22 FY23 FY24 FY25 FY26 Q
Slide 29: Key performance indicators | Q1FY27
Key performance indicators | Q1FY27 Return on Equity (%) Return on Capital Employed (%) 20.3% 17.7% 17.6% 17.6% 17.7% 15.6% 15.4% 15.4% 15.3% 14.5% 14.4% 13.9% 13.4% 12.9% FY21 FY22 FY23 FY24 FY25 FY26 Q1FY27* FY21 FY22 FY23 FY24 FY25 FY26 Q1FY27* Cash Flow (in ₹ million) Debt Position (in ₹ million
Slide 30: Performance Summary | Q1FY27
Performance Summary | Q1FY27 REVENUE EBIT ₹ 27,249 Million ₹ 3,367 Million (US$ 288 Million) (Margin 12.4%) YoY growth of 22.9% YoY growth of 34.8% YoY constant currency growth of 12.3% YoY margin expansion of 110bps QoQ constant currency growth of 2.2% QoQ margin expansion of 20bps PROFIT AFTER TAX
Slide 31: Revenue distribution | Q1FY27
Revenue distribution | Q1FY27 By verticals By geography By delivery location RoW Diverse 1.9% 13.2% Offshore & Nearshore EMEA 43.5% BFS 31.7% 33.2% CMT 20.6% North America Onshore 66.4% 56.5% Healthcare 33.0% Copyright © 2026 Firstsource. All rights reserved. 30
Slide 32: Cons. IndAS financials | Profit & Loss Statement
Cons. IndAS financials | Profit & Loss Statement In ₹ million FY25 Q1FY26 Q2FY26 Q3FY26 Q4FY26 FY26 Q1FY27 QoQ YoY Income from services 79,721 22,209 23,147 24,674 26,130 96,161 27,518 5.3% 23.9% Other operating income 82 (33) (25) (244) (296) (597) (269) - - Revenue from operations 79,803 22,177 23
Slide 33: Cons. IndAS financials | Balance Sheet
Cons. IndAS financials | Balance Sheet In ₹ million As on Mar 31, 2026 As on Jun 30, 2026 In ₹ million As on Mar 31, 2026 As on Jun 30, 2026 Assets Equity and liabilities Non-current assets Shareholder's Funds Fixed assets 3,403 3,644 Equity share capital 6,970 6,970 Right-of-use assets 8,558 8,320
Slide 34: Cons. IndAS financials | Cash Flow Statement
Cons. IndAS financials | Cash Flow Statement In ₹ million Quarter ended Jun 30, 2025 Quarter ended Jun 30, 2026 Cash flow from operating activities Net profit before taxation and non-controlling interest 2,132 2,193 Depreciation and amortization 972 1,146 Finance costs (for borrowings & lease liabil
Slide 35: Operating Metrices | Q1FY27
Operating Metrices | Q1FY27 Q1FY25 Q2FY25 Q3FY25 Q4FY25 Q1FY26 Q2FY26 Q3FY26 Q4FY26 Q1FY27 Banking & Financial Services 36.4% 34.4% 32.4% 33.4% 32.5% 33.2% 31.7% 32.2% 33.2% Revenue by Healthcare 35.7% 36.3% 34.0% 33.8% 33.4% 33.5% 32.1% 34.4% 33.0% Vertical Communications, Media & Tech 22.3% 21.3%
Slide 36: About Firstsource Solutions Limited
Firstsource Solutions Limited, an RP-Sanjiv Goenka Group company (NSE: FSL, BSE: 532809), is a global intelligence partner to enterprises across healthcare, banking and financial services, communications, media, technology, retail, and utilities. Its inch-wide, mile-deep practitioners work collabora